In the last two years, almost every technology company has started using the terms artificial intelligence and, related to that, machine learning. In fact, there has been a 1,400% increase in the mention of these two terms during earnings calls of public companies during the same period. Gonzo readers who follow fintech companies know that they rely heavily on these capabilities.
First, some definitions:
The speed at which capabilities are growing in this area make it something that bank managers need to understand and manage, which leads to our first “Need to Knows”:
Bottom line: all financial institutions can get out there today, follow a disciplined hypothesis driven methodology and leverage existing technology to create and deploy purpose-built intelligent algorithms through clearly defined use cases. There is no need to wait for some amazing artificial intelligence technology to arrive, because it is already here and is eagerly waiting for us to deploy it in a disciplined manner.